Question $3$:

a$)$ Max Meyer is $59$ years old. He has always earned a good income and has always lived very result, Max has some wonderful memories but, unfortunately, no retirement savings. Now, with six years to go before retirement, he has vowed to "catch up$".$ Max wants to have $$225,000$ accumulated when he starts retirement. He plans to save $$2,150$ at the END of each month until then and estimates that he can earn $8\mathrm{.}25\%$ compounded monthly.

Will Max reach his goal in time for his planned retirement date?

b$)$ Compute the amount that he is over or short of his goal.

c$)$ Using the $$2,150$ monthly contribution amount, approximately how long $($in years$)$ would it take Max to achieve the $$225,000$ goal at the $8\mathrm{.}25\%$ rate, compounded monthly?

d$)$ Assuming Max could somehow increase his rate of return, what annual rate would he need to achieve in order to reach his goal in the original time frame of six years? $($nearest $100$th of a percent$).$ Keep on END.

i$.$ n$=,$ i$/$y$=,$ pv$=,$ pmt$=,$ and fv$=$

ii$.$ What did you compute for I$/$Y$?$

iii. Is I$/$Y a percentage per year, month, or day? $\_\_\_\_\_\_\_\_\_\_$

iv$.$ Annual Rate: $\_\_\_\_\_\_\_\_\_\_$